The Huge Advantages of Being a Homeowner
Did you know that two out of three Canadian families own a house? That is one of the highest rates of home ownership in the world! And for good reason. Real estate is a great investment.
With increasing housing prices, it's very important for first-time buyers to get a foot on the first rung of the property ladder. It can be easy to think renting is a better option but there are some big advantages in being a homeowner. What are they?
1. Home ownership is the single largest source of savings for Canadian households.
2. Your payments build equity (as opposed to renting, where your money goes to the building owner).
3. Unlike other investments that can be volatile, when you buy a home, the increase in its value is relatively steady. Did you know the average price of a house for sale on the Canadian real estate market has increased every year since 1998?
4. The return on investment on a house can be substantial. In Canada, there has not been a recorded 10-year period where average house prices have not increased.
5. Homeowners can access the equity in their home to purchase other investments like income producing real estate.
6. Buying a home and building equity is the first step on the property ladder. It gets you into the housing market, keeps you in touch with increasing house prices, and puts you in a good position to trade up to bigger and better homes as your circumstances allow.
At Silver Maple Mortgages, we are happy to guide you through the home buying process. Should you have any questions, please feel free to call or email us anytime! One of our knowledgeable mortgage agents would be happy to assist you.